Last Week in Review: The biggest hits from crypto
The highlights from last week’s news, numbers and events from the crypto industry.
- News from the block
Developing nations claimed the podium in the latest Chainalysis crypto adoption rankings, while the Nasdaq stock exchange revealed plans to further extend its reach into the cryptocurrency market, but not in the way you may think. And, perhaps more anticipated, Michael Saylor, the Bitcoin mega-whale, added more Bitcoin to MicroStrategy’s treasury.
- Too long, Did read
The Ethereum Merge is done, so what happens next?
- Crunching the numbers
Where does the US rank in crypto adoption?
- The crypto time capsule
Satoshi’s wingman tweets about running Bitcoin for the first time.
- Crypto trivia
What is the Vasil hard fork and what does it have to do with Cardano?
- Worth a listen
Bitcoin podcaster Peter McCormack discusses the challenges of running a business on Bitcoin with his guest, Tibor Ballai, the co-founder and CTO of Fortris, and why this will be the next step in the adoption cycle.
News from the block
Which countries top global crypto adoption?
The latest Global Crypto Adoption Index Top 2022 by Chainalysis showed that developing nations are leading the charge in cryptocurrency adoption.
Vietnam was ranked the number one country for crypto adoption, with the Philippines in second. The US ranked fifth on the index and the UK at 17.
Of the top 20 ranked countries, ten are considered lower-middle income countries, eight upper-middle income, and two high income. These income tiers are according to World Bank categorisation.
Researchers looked further than cryptocurrency transaction volumes, and rather aimed to measure where most people are putting the biggest share of their money into cryptocurrency.
Major US stock exchange to enter institutional crypto custody space
The Nasdaq stock exchange in the US is preparing to offer institutional clients a safe platform to hold their cryptocurrency investments.
The unit’s launch underpins Nasdaq’s aim to help facilitate broader institutional participation in digital assets, according to a press release.
This forms part of the exchange’s move to be a service provider in the crypto space, rather than facilitating the trading of cryptocurrencies.
Michael Saylor puts his money where his tweets are
The founder of MicroStrategy and one of the largest Bitcoin whales last week added another 301 Bitcoins to the company’s treasury, now totalling 130,000 Bitcoins.
Saylor has long been one of Bitcoin’s most unwavering investors, continuing to amass more Bitcoin even when faced with a short-term loss on his overall investments. It has won him praise from the Bitcoin community but also attracted criticism from his detractors.
One step forward for a favourable crypto regulator in the US
A bill by Congress proposing that the Commodity Futures Trading Commission (CFTC) be appointed as the primary regulator to oversee the crypto markets in the US received a boost as another lawmaker in the House of Representatives introduced a supporting bill in the Senate.
For a bill to pass in the US, a bill must pass through both the Senate and the House of Representatives.
Many think the CFTC will be a more accommodating regulator than the Securities and Exchange Commission (SEC), to which cryptocurrency regulation matters has fallen in the past.
Crunching the numbers
5 – The ranking of the US in the Chainalysis 2022 Global Crypto Adoption Index, behind developing nations such as Vietnam and the Philippines.
91% – The percentage of Bitcoin already issued, which is capped at 21 million Bitcoins.
$167 billion – The market cap of Ethereum.
$150.67 billion – Nike’s market cap.
The crypto time capsule
Hal Finney firing up the Bitcoin network for the first time.
What is the Vasil upgrade?
The latest upgrade to the Cardano network aims to improve the network’s scalability and enhance its smart contract capabilities. The upgrade is seen by many as the beginning of a new era for Cardano.
Worth a listen
Bitcoin podcaster Peter McCormack and his guest, Tibor Ballai, discuss the challenges of running a business on Bitcoin, and why this will be the next step in the adoption cycle.